Today, the US economy will release a series of April economic data and non-farm payrolls reports. At the same time, the Fed ended this session. It is likely that the employment report will have a strong impact on financial markets, including gold. Traders have lowered expectations about the timing and extent of US interest rate cuts this year after published reports showed inflation running "hotter" than expected and Fed officials, including including Mr. Powell, continuously made "hawkish" words.
Senior analyst Ricardo Evangelista of ActivTrades predicts that Mr. Powell may take a tougher stance. This would push expectations for the first rate cut to the fourth quarter or even next year, a scenario that would bode poorly for gold.
Despite the decline in gold prices, ANZ analysts still maintain a positive view on gold and believe that a healthy correction could take gold to $2,500/ounce.
Senior analyst Ricardo Evangelista of ActivTrades predicts that Mr. Powell may take a tougher stance. This would push expectations for the first rate cut to the fourth quarter or even next year, a scenario that would bode poorly for gold.
Despite the decline in gold prices, ANZ analysts still maintain a positive view on gold and believe that a healthy correction could take gold to $2,500/ounce.
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